Question

part b 2

Entries for Receipt and Dishonor of Notes Receivable

Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary.

Mar. 29.	Received a $21,600, 60-day, 9% note dated March 29 from Karie Platt on account.
Apr. 30.	Received a $30,000, 60-day, 6% note dated April 30 from Jon Kelly on account.
May 28.	The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest.
June 29.	The note dated April 30 from Jon Kelly is dishonored, and the customer's account is charged for the note, including interest.
Aug. 26.	Cash is received for the amount due on the dishonored note dated March 29 plus interest for 90 days at 6% on the total amount debited to Karie Platt on May 28.
Oct. 22.	Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30.

Mar. 29	Notes Receivable	fill in the blank 2	fill in the blank 3
	Accounts Receivable-Karie Platt	fill in the blank 5	fill in the blank 6
Apr. 30	Notes Receivable	fill in the blank 8	fill in the blank 9
	Accounts Receivable-Jon Kelly	fill in the blank 11	fill in the blank 12
May 28	Accounts Receivable-Karie Platt	fill in the blank 14	fill in the blank 15
	Notes Receivable	fill in the blank 17	fill in the blank 18
	Interest Revenue	fill in the blank 20	fill in the blank 21
June 29	Accounts Receivable-Jon Kelly	fill in the blank 23	fill in the blank 24
	Notes Receivable	fill in the blank 26	fill in the blank 27
	Interest Revenue	fill in the blank 29	fill in the blank 30
Aug. 26	Cash	fill in the blank 32	fill in the blank 33
	Accounts Receivable-Karie Platt	fill in the blank 35	fill in the blank 36
	Interest Revenue	fill in the blank 38	fill in the blank 39
Oct. 22	Allowance for Doubtful Accounts	fill in the blank 41	fill in the blank 42
	Accounts Receivable-Jon Kelly	fill in the blank 44	fill in the blank 45

Answer 1

Mar. 29	Notes Receivable	21600
	Accounts Receivable-Karie Platt		21600
Apr. 30	Notes Receivable	30000
	Accounts Receivable-Jon Kelly		30000
May 28	Accounts Receivable-Karie Platt	21924
	Notes Receivable		21600
	Interest Revenue (21600*9%*60/360)		324
June 29	Accounts Receivable-Jon Kelly	30300
	Notes Receivable		30000
	Interest Revenue (30000*6%*60/360)		300
Aug. 26	Cash	22252.86
	Accounts Receivable-Karie Platt		21924
	Interest Revenue (21924*6%*90/360)		328.86
Oct. 22	Allowance for Doubtful Accounts	30300
	Accounts Receivable-Jon Kelly		30300